Companies (Issue of Indian Depository Receipts) (Amendment) Rules, 2007 - Amendment in rules 6, 7, 11 and Schedule; substitution of rules 4, 5 and 13

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....he Central Government hereby makes the following rules further to amend the Companies (Issue of Indian Depository Receipts) Rules, 2004, namely:- 1. (1) These Rules may be called the Companies (Issue of Indian Depository Receipts) (Amendment) Rules, 2007; (2) They shall come into force from the date of their notification in the Official Gazette. 2. In the Companies (Issue of Indian Depository Receipts) Rules, 2004, hereinafter referred to as the principal rules, for rule 4, the following shall be substituted, namely:- "4. Without prejudice to the provisions of the Securities and Exchange Board of India Act, 1992, an issuing company shall not issue IDRs unless it satisfies the following conditions, namely:-    &....

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.... call for such further information, and explanations, as it may deem necessary, for disposal of such application and shall dispose the application within 60 days of its receipt : Provided that if within 60 days from the date of submission of application or draft prospectus or letter of offer, SEBI specifies any changes to be made in the draft prospectus or letter of offer, the prospectus or letter of offer shall not be filed with the SEBI or Registrar of Companies unless such changes have been incorporated therein;      (iv) The issuing company shall also file with SEBI, through a merchant banker, a due diligence report along with draft prospectus or letter of offer in the form specified by SEBI;   &nb....

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....y be, certified by two authorized signatories of the issuing company, one of whom shall be a whole-time director and other the Chief Accounts Officer, stating the particulars of the resolution of the Board by which it was approved, with the SEBI and Registrar of Companies, New Delhi, before such issue : Provided that at the time of filing of said prospectus or letter of offer with the Registrar of Companies, New Delhi, a copy of approval granted by SEBI and the statement of fees paid by the Issuing Company to SEBI shall also be attached." 4. In the principal rules, in rule 6, for sub-rule (iii) the following shall be substituted, namely:-      "(iii) The number of underlying equity shares offered in a financial ....